| Osasuna beat CP La Felguera 2-1 (H) on 21 Nov 1954 |
| CP La Felguera beat Real Zaragoza 2-1 (H) on 26 Sep 1954 |
| Real Zaragoza beat Barakaldo 2-0 (A) on 21 Nov 1954 |
| Barakaldo beat Logroñés 1-0 (H) on 31 Oct 1954 |
| Logroñés beat Leonesa 2-1 (H) on 7 Nov 1954 |
| Leonesa beat Sporting Gijón 1-0 (H) on 24 Oct 1954 |
| Sporting Gijón beat España 2-1 (H) on 31 Oct 1954 |
| España beat Real Avilés Club Fútbol 1-0 (H) on 12 Sep 1954 |
| Real Avilés Club Fútbol beat Juvenil 5-3 (H) on 7 Nov 1954 |
| Juvenil beat Real Oviedo 2-1 (H) on 31 Oct 1954 |
| Real Oviedo beat Sestao 4-0 (H) on 24 Oct 1954 |
| Sestao beat Racing Ferrol 3-1 (H) on 3 Oct 1954 |
| Racing Ferrol beat Caudal Deportivo 1-0 (A) on 31 Oct 1954 |
| Caudal Deportivo beat Lleida 4-1 (H) on 14 Nov 1954 |
| Lleida beat Eibar 2-0 (H) on 7 Nov 1954 |
| Eibar beat Osasuna 3-0 (H) on 31 Oct 1954 |
HWC: Thick arrows show the earliest chain of wins that passes through every team and returns to its start.